A shopfront in Africa showing local businesses and signage related to financial services and commerce.
That’s if plans to raise capital requirements become law, claims the country’s bankers association. The Business Laws amendment bill would progressively raise core capital requirements for banks to 10 $76 million by 2027 from 1 billion shillings currently. Officials representing the Kenya Bankers Association advocacy group told a parliamentary committee the move would affect the livelihoods of over 7,000 employees. The banks likely to be impacted by the law account for 13% of all lending by banks to the private sector, highlighting potential ramifications for small and medium sized businesses, according to the officials.